Subdivision Analysis: Villages of Purcellville 2011 07 25

Prices Vary Widely

Six homes have now sold this year in the Villages of Purcellville at close prices ranging from $330,000 to $412,000.  One of the two sales so far in July had a close price that was $5,000 higher than its asking price and the other was the second home to sell this year at a price in excess of $400,000.  The median was unchanged from my June analysis ($339,000) and it is 13.5 percent lower than the 2010 median.  However, the average days on market indicator continued its stark improvement; it declined to 55 days from 68 in June and is 44 percent lower than the 2010 average.  The close price to original list price ratio also improved; it increased from 94.6 percent in June and from 95.2 percent in 2010 to 96 percent in July.  The average seller subsidy declined 8 percent from June but is 19 percent higher than the average in 2010. One third of the 2011 sales in the Villages have been short sales while none of the nine sales in 2010 were distressed.

There is only one active listing in the neighborhood at this point. A standard sale, it has been on the market for 145 days at an asking price of $399,900.  Two of the three homes with pending contracts are short sales; that explains the unusually low list prices of $259,900 and $295,000.  All three were on the market an average of 142 days before receiving a contract.

With the extremely low list prices for the two pending short sale listings, the 2011 median and average close prices in the Villages will decline.  The good news though is that there are no active short sale listings in the neighborhood at this point suggesting prices will rebound in the Fall.

If now is the time for you to move, I would be honored to help you sell your home and/or answer any questions you may have about the real estate market here in Loudoun County.

Look for my new column in The Purcellville Gazette:  “The Dirt on the Market”